Posts Tagged ‘construction permits’
Extend and Pretend Part 2: Development Approvals and Permits
July 12th, 2010 | 
Author: 
When it comes to the financing of commercial real estate, the “extend and pretend” approach taken by many banks is well known. However, it feels like more and more stakeholders in the commercial real estate industry are doing their part to kick the can down the road. The latest evidence of this is the Permit Extension Act, signed into law last week by Governor Rendell and the Pennsylvania Legislature. The law extends expiration dates on permits, approvals, and other agreements issued by local governments and agencies in Pennsylvania authorizing real estate development. While the Act provides a gasp of fresh air to developers who are stuck in a tight spot on their stalled development projects, it is yet another blow to folks waiting on the sidelines with dry powder to pick up distressed deals.
Posted in 
Tags: 
